NameNizhdas Rejroann Due date: In this project we will examine a home loan or mortgage. Assume that you have found a home for sale and have agreed to a purchase price of $201,000. Down Payment: You are going to make a 10% down payment on the house. Determine the amount of your down payment and the balance to finance. Down Payment}9O,)o0 Mortgage Amount) |) GQO Payment: Calculate the monthly payment for a 30 year loan (rounding up to the nearest cent) by using the following formula. Show your work. [PMT is the monthly loan payment, P is the mortgage amount, r is the annual percent rate for the loan in decimal, and Y is the number of years to pay off the loan.] For the 30 year oan use an annual interest rate of 4.975%. Show workhere =! aa Per (gored saises. 7.0) Bay + A ie 260 1- Che ost? > TTAAMS3E7 “30° 1= Lp oq sess) Iran payment Monthly Payment for a 30 year mortgaged 16% 25 ‘Note that this monthly payment covers only the interest and the principal on the loan. It does not cover any insurance or taxes on the property. Amortization Schedule: In order to summarize all the information regarding the amortization of a loan, construct a schedule that keeps track of the payment number, the principal paid, the interest, and the unpaid balance. A spreadsheet program is an excellent tool to develop an 4S ig Math 1050 Mortgage Project Mutenaiss De lege Dertanent